This book on Value Engineering is an excellent tool for those who want to learn more about the practical aspects of Value Engineering. Value Engineering concept has become crucial in today’s highly competitive and globalized world, where companies and organizations are constantly striving to provide enhanced value to their customers. This can include redesigning, re-engineering, or eliminating certain aspects of the product or service to increase its value without comprising on its quality. Main focus of this book is the integration of Value Engineering Basic concepts and their application in today’s world. This book is structured such that the reader will easily guide through the practical process of Value engineering. This book presents some of the case studies and FAST models of the products of the modern world which are being used in the present times. The book is composed of 8 chapters, each focusing on specific topic: Introduction to Function Analysis Value Engineering Techniques The Concept of Creativity Lean tool and Value Stream Mapping Value Engineering in Evaluation phase FAST Overview Application of Value Engineering in Avionics, Space shuttle and Satellite FAST Model case studies